Goldman Sachs Ups Likelihood of a Third Fed Rate Hike This Year

[SMM North China Spot Copper Cathode Market] Copper prices pulled back during the day, but downstream copper cathode demand recovery in North China remained limited. Consumption continued to show weakness under the combined pressure of the off-season and high copper prices. The deep discount pattern in the spot market prompted some cargoes in the north to be shipped south to delivery warehouses.

According to foreign media reports, the Ecuadorian government announced on May 29 that it would renegotiate the mining contract for the Cascabel copper mine, stating that its terms violated national laws and created an imbalance between the government and the company. The mining concession, located in Imbabura Province, was originally held by Australia's SolGold, and Jiangxi Copper Corporation completed its acquisition for approximately $1.16 billion in March this year. Ecuador's Minister of Energy and Environment stated that if renegotiation was refused, the government would seek another operator. The concession holder ENSA countered that the contract was signed in compliance with regulations and expressed willingness to communicate with the government. Ecuador has issued new minimum parameters for mining contracts, allowing the review or modification of existing contracts, though the previously signed Cangrejos gold mine contract is not subject to renegotiation.